The cryptocurrency community is abuzz with speculation over potential market manipulation concerning XRP, particularly in light of recent developments involving Coinbase. Recent reports indicate that Coinbase has drastically cut its XRP holdings from approximately 780 million tokens to just 199 million—a staggering decrease of 69 percent. This drop has led to the creation of an “XRP Suppression Index,” which suggests a strong correlation of 0.87 between the limitations imposed on XRP’s price and Coinbase’s sell-off activities.
In defense of the exchange, pro-XRP lawyer Bill Morgan has responded to these allegations, expressing his frustration over the emerging conspiracy theory. He stated, “There is an extreme theory that Coinbase opposes XRP. As everyone knows, Coinbase is not a fan of XRP.” Morgan underscored that the price movements of XRP have not drastically changed following Coinbase’s delisting of the token, which indicates that XRP’s price fluctuations adhere to its historical patterns.
Despite the turmoil, XRP seems to be navigating a broader bullish sentiment. Analysts note that its current price structure mirrors that of the 2017 bull market. One expert claims that the recent pullback, while appearing severe, has not breached any major support levels. They foresee a potential parabolic rally, projecting that XRP could surge to $4.50 and beyond after its current consolidation phase.
Adding further intrigue to the XRP narrative is the growing anticipation surrounding a potential XRP exchange-traded fund (ETF). Ripple has confirmed that Maxwell Stein, the Digital Asset Director at BlackRock, will be in attendance at the upcoming Swell 2025 event scheduled for November 4-5 in New York. The event will feature a prominent lineup, including Ripple CEO Brad Garlinghouse and Nasdaq CEO Adena Friedman, among over 60 speakers. While discussions regarding an XRP ETF are not officially on the agenda, BlackRock’s involvement has significantly heightened investor expectations for potential announcements or collaborations related to XRP.
As these developments unfold, the cryptocurrency landscape continues to watch closely, balancing speculation with the realities of market dynamics.
